UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number: 811-05028

PIMCO Funds

(Exact name of registrant as specified in charter)

650 Newport Center Drive, Newport Beach, CA 92660

(Address of principal executive office)

Bijal Y. Parikh

Treasurer (Principal Financial & Accounting Officer)

PIMCO Funds

650 Newport Center Drive

Newport Beach, CA 92660

(Name and address of agent for service)

Copies to:

Adam T. Teufel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Registrant’s telephone number, including area code: (888) 877-4626

Date of fiscal year end: March 31

Date of reporting period: March 31, 2024

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

EXPLANATORY NOTE

The Registrant is filing this Certified Shareholder Report on Form N-CSR in two (2) separate submissions due to file size limitations on EDGAR submissions. This submission provides the information required by Item 1 for a limited number of the Registrant’s reports transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (the “Act”) (17 CFR 270.30e-1). The companion submission to this Certified Shareholder Report on Form N-CSR will follow immediately and will provide the information required by Item 1 for the other reports transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1). Apart from Items 1 and 6, the companion submission will be identical in all material respects to this initial filing.

Item 1.  Reports to Shareholders.

(a) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “Act”) (17 CFR 270.30e-1).

 Filed under this submission on Form N-CSR:

• PIMCO Funds—PIMCO Global Core Asset Allocation Fund

• PIMCO Funds—Bond Funds

• PIMCO Funds—Credit Bond Funds

• PIMCO Funds—Fundamental Index Funds

• PIMCO Funds—International Bond Funds

• PIMCO Funds—Municipal Value Funds

• PIMCO Funds—PIMCO All Asset Fund and PIMCO All Asset All Authority Fund

• PIMCO Funds—PIMCO Climate Bond Fund

• PIMCO Funds—PIMCO CommoditiesPLUS^® Strategy Fund

• PIMCO Funds—PIMCO CommodityRealReturn Strategy Fund^®

• PIMCO Funds—PIMCO Emerging Markets Local Currency and Bond Fund

• PIMCO Funds—PIMCO High Yield Fund

• PIMCO Funds—PIMCO Income Fund

 To be filed under the immediately following companion submission on Form N-CSR:

• PIMCO Funds—PIMCO International Bond Fund (U.S. Dollar-Hedged)

• PIMCO Funds—PIMCO Investment Grade Credit Bond Fund

• PIMCO Funds—PIMCO Low Duration Fund

• PIMCO Funds—PIMCO Real Return Fund

• PIMCO Funds—PIMCO Short-Term Fund

• PIMCO Funds—PIMCO Total Return Fund

• PIMCO Funds—PIMCO TRENDS Managed Futures Strategy Fund

• PIMCO Funds—Private Account Portfolio Series – Sector Funds Series

• PIMCO Funds—Private Account Portfolio Series

• PIMCO Funds—Private Account Portfolio Series – All Asset Funds

• PIMCO Funds—Real Return Strategy Funds

• PIMCO Funds—Short Duration Strategy Funds

• PIMCO Funds—StocksPLUS^® Funds

• PIMCO Funds—Tax-Efficient Strategy Funds

PIMCO FUNDS

Annual Report

March 31, 2024

PIMCO Global Core Asset Allocation Fund

Table of Contents

	Page
Market Insights		2
Important Information About the PIMCO Global Core Asset Allocation Fund		3
Fund Summary		10
Expense Example		12
Benchmark Description		13
Financial Highlights (Consolidated)		14
Consolidated Statement of Assets and Liabilities		16
Consolidated Statement of Operations		18
Consolidated Statements of Changes in Net Assets		19
Consolidated Schedule of Investments		20
Notes to Financial Statements		41
Report of Independent Registered Public Accounting Firm		79
Glossary		80
Federal Income Tax Information		82
Management of the Trust		83
Privacy Policy		87
Liquidity Risk Management Program		89

This material is authorized for use only when preceded or accompanied by the current PIMCO Funds prospectuses. The Shareholder Reports for the other series of the PIMCO Funds are printed separately.

Market Insights

Dear Shareholder,

This annual report covers the 12-month reporting period ended March 31, 2024 (the “reporting period”). On the subsequent pages, you will find details regarding investment results and a discussion of certain factors that affected performance during the reporting period.

The global economy continued to expand despite persistent inflation, tighter credit conditions, and geopolitical concerns affecting many countries. This resilience appeared particularly evident in the United States (“U.S.”). In contrast, several other developed market economies experienced relatively flat or negative growth over the reporting period.

Several central banks paused interest-rate hikes

Inflation eased over the reporting period but remained above central bank targets for many economies. Several central banks did not increase interest rates in the second half of 2023 and the beginning of 2024, following a series of rate increases in 2022 and the first half of 2023. The U.S. Federal Reserve (the “Fed”) raised the federal funds rate a total of 5.25% from March 2022 to July 2023, and then held rates steady from September 2023 to March 2024. At its March meeting, the Fed communicated that the policy rate may be at its peak for the most recent tightening cycle, and that it may be appropriate to begin cutting rates later in 2024. The European Central Bank (“ECB”) raised its deposit facility rate for the euro area a total of 4.50% from July 2022 to September 2023, and then held rates steady at its next four meetings. Meanwhile, the Bank of England (“BoE”) raised its Bank Rate a total of 5.15% from December 2019 to July 2023 and held rates steady at its next five meetings. Neither the ECB nor BoE ruled out the possibility of rate cuts in 2024. In contrast, the Bank of Japan raised its short-term policy rate from -0.1% to between zero and 0.1% in March 2024, which was the first increase since 2007.

Financial markets posted positive returns

The yield on the benchmark 10-year U.S. Treasury increased during the reporting period. In many other developed markets, yields on 10-year government bonds also moved higher. Overall, the global bond market rallied toward the end of 2023, bolstered by central bank officials’ policy pronouncements signaling a possible end to monetary tightening. However, the market then weakened during the first quarter of 2024. During the reporting period, lower-rated global bonds generally outperformed their higher-rated counterparts. Global equities rallied, while commodities were mixed. The U.S. dollar strengthened against the Japanese yen and, to a lesser extent, the euro, but fell relative to the British pound.

We continue to work diligently to navigate dynamic global markets and manage the assets that you have entrusted with us. We encourage you to speak with your financial advisor about your goals and visit global.pimco.com for our latest insights.

Sincerely,     Peter G. Strelow Chairman of the Board PIMCO Funds

Total Returns of Certain Asset Classes for the Period Ended March 31, 2024
Asset Class (as measured by, currency)	12-Month
U.S. large cap equities (S&P 500 Index, USD)	29.88%
Global equities (MSCI World Index, USD)	25.11%
European equities (MSCI Europe Index, EUR)	14.79%
Emerging market equities (MSCI Emerging Markets Index, EUR)	8.15%
Japanese equities (Nikkei 225 Index, JPY)	46.50%
Emerging market local bonds (JPMorgan Government Bond Index-Emerging Markets Global Diversified Index, USD Unhedged)	4.91%
Emerging market external debt (JPMorgan Emerging Markets Bond Index (EMBI) Global, USD Hedged)	9.53%
Below investment grade bonds (ICE BofA Developed Markets High Yield Constrained Index, USD Hedged)	11.60%
Global investment grade credit bonds (Bloomberg Global Aggregate Credit Index, USD Hedged)	5.59%
Fixed-rate, local currency government debt of investment grade countries (Bloomberg Global Treasury Index, USD Hedged)	3.48%

Past performance is no guarantee of future results. Unless otherwise noted, index returns reflect the reinvestment of income distributions and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an unmanaged index.

Statements concerning financial market trends are based on current market conditions, which will fluctuate. There is no guarantee that these investment strategies will work under all market conditions or are appropriate for all investors and each investor should evaluate their ability to invest for the long-term, especially during periods of downturn in the market. Outlook and strategies are subject to change without notice.

2 PIMCO GLOBAL CORE ASSET ALLOCATION FUND  

Important Information About the PIMCO Global Core Asset Allocation Fund

PIMCO Funds (the “Trust”) is an open-end management investment company that includes the PIMCO Global Core Asset Allocation Fund (the “Fund”).

The PIMCO Global Core Asset Allocation Fund may invest its assets in Institutional Class or Class M shares of any funds of the Trust and PIMCO Equity Series, except funds of funds and PIMCO California Municipal Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National Municipal Intermediate Value Fund and PIMCO National Municipal Opportunistic Value Fund. These underlying investments are referred to as “Underlying PIMCO Funds.”

The PIMCO Global Core Asset Allocation Fund also may invest its respective assets in other affiliated funds, including funds of PIMCO ETF Trust, and unaffiliated funds. These underlying investments, together with the Underlying PIMCO Funds, are referred to as “Acquired Funds.” The cost of investing in these Funds will generally be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds.

We believe that equity funds and bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that equity funds and bond funds are subject to notable risks.

Among other things, equity and equity-related securities may decline in value due to both real and perceived general market, economic, and industry conditions. The values of equity securities, such as common stocks and preferred securities, have historically risen and fallen in periodic cycles and may decline due to general market conditions, which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Equity securities may also decline due to factors that affect a particular industry or industries, such as labor shortages, increased production costs and competitive conditions within an industry. In addition, the value of an equity security may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets. Different types of equity securities may react differently to these developments and a change in the financial condition of a single issuer may affect securities markets as a whole.

During a general downturn in the securities markets, multiple asset classes, including equity securities, may decline in value simultaneously. The market price of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. Equity securities generally have greater price volatility than fixed income securities and common stocks generally have the greatest appreciation and depreciation potential of all corporate securities.

Bond funds and fixed income securities are subject to a variety of risks, including interest rate risk, liquidity risk and market risk. In an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the Fund are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Fund management will anticipate such movement accurately. The Fund may lose money as a result of movements in interest rates.

  ANNUAL REPORT MARCH 31, 2024 3

Important Information About the PIMCO Global Core Asset Allocation Fund (Cont.)

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, remain high. In efforts to combat inflation, the U.S. Federal Reserve (the “Fed”) raised interest rates multiple times in 2022 and 2023. In the second half of 2023 and the beginning of 2024, however, the Fed paused the rate hikes, keeping interest rates steady. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Fund may face a heightened level of risk associated with rising interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for low yielding investments. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to “make markets.”

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security’s price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets, or negatively impact the Fund’s performance or cause the Fund to incur losses. As a result, the Fund may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of the Fund.

The Fund may be subject to various risks as described in the Fund’s prospectus and in the Principal and Other Risks in the Notes to Financial Statements.

Classifications of Fund portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Schedule of Investments and other sections of this report may differ from the classification used for the Fund’s compliance calculations, including those used in the Fund’s prospectus, investment objectives, regulatory, and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. The Fund is separately monitored for compliance with respect to prospectus and regulatory requirements.

The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security’s country of incorporation may be different from its country of economic exposure.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that have provided material aid to Russia’s aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures have had and may continue to have an adverse effect on the Russian, Belarusian and other securities and economies, which may, in turn, negatively impact the Fund. The extent, duration and impact of Russia’s military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, the Fund may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The

4 PIMCO GLOBAL CORE ASSET ALLOCATION FUND  

sanctions may cause the Fund to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that the Fund may no longer seek to hold. PIMCO will continue to actively manage these positions in the best interests of the Fund and its shareholders.

The United States’ enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities (and/or portfolio securities of Underlying PIMCO Funds or Acquired Funds, as applicable). The United States’ enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government’s response, may also negatively impact securities and instruments that are economically tied to Russia.

The Fund may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate (“LIBOR”). LIBOR was traditionally an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has announced plans to ultimately phase out the use of LIBOR. Although the transition process away from LIBOR for many instruments has been completed, some LIBOR use is continuing and there are potential effects related to the transition away from LIBOR or continued use of LIBOR on the Fund, or on certain instruments in which the Fund invests, which can be difficult to ascertain, and may vary depending on factors that include, but are not limited to: (i) existing fallback or termination provisions in individual contracts and (ii) whether, how and when industry participants adopt new reference rates for affected instruments. The transition of investments from LIBOR to a replacement rate as a result of amendment, application of existing fallbacks, statutory requirements or otherwise may also result in a reduction in the value of certain instruments held by the Fund or a reduction in the effectiveness of related Fund transactions such as hedges. In addition, an instrument’s transition to a replacement rate could result in variations in the reported yields of the Fund that holds such instrument. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Fund.

U.S. and global markets recently have experienced increased volatility, including as a result of the recent failures of certain U.S. and non-U.S. banks, which could be harmful to the Fund and issuers in which it invests. For example, if a bank at which the Fund or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which the Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Fund invests remain solvent, continued volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Conditions in the banking sector are evolving, and the scope of any potential impacts to the Fund and issuers, both from market conditions and also potential legislative or regulatory responses, are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings, including those of U.S. and non-U.S. banks.

  ANNUAL REPORT MARCH 31, 2024 5

Important Information About the PIMCO Global Core Asset Allocation Fund (Cont.)

Continued market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Fund and issuers in which it invests.

On the Fund Summary page in this Shareholder Report, the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that any dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay on (i) Fund distributions or (ii) the redemption of Fund shares. The Cumulative Returns chart and Average Annual Total Return table reflect any sales load that would have applied at the time of purchase or any Contingent Deferred Sales Charge (“CDSC”) that would have applied if a full redemption occurred on the last business day of the period shown in the Cumulative Returns chart. Class A shares are subject to an initial sales charge. A CDSC may be imposed in certain circumstances on Class A shares that are purchased without an initial sales charge and then redeemed during the first 12 months after purchase. Class C shares are subject to a 1% CDSC, which may apply in the first year. The Cumulative Returns chart reflects only Institutional Class performance. Performance for I-2, Class A and Class C shares, if applicable, is typically lower than Institutional Class performance due to the lower expenses paid by Institutional Class shares. Performance shown is net of fees and expenses. The minimum initial investment amount for Institutional Class and I-2 shares is $1,000,000. The minimum initial investment amount for Class A and Class C shares is $1,000. The Fund measures its performance against at least one broad-based securities market index (“benchmark index”) and a Lipper Average, which is calculated by Lipper, Inc. (“Lipper”), a Thomson Reuters company, and represents the total return performance average of funds that are tracked by Lipper that have the same fund classification. Benchmark indexes do not take into account fees, expenses or taxes. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. There is no assurance that the Fund, even if the Fund has experienced high or unusual performance for one or more periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in either 1) the Fund’s total return in excess of that of the Fund’s benchmark between reporting periods or 2) the Fund’s total return in excess of the Fund’s historical returns between reporting periods. Unusual performance is defined as a significant change in the Fund’s performance as compared to one or more previous reporting periods. Historical performance for the Fund or a share class thereof may have been positively impacted by fee waivers or expense limitations in place during some or all of the periods shown, if applicable. Future performance (including total return or yield) and distributions may be negatively impacted by the expiration or reduction of any such fee waivers or expense limitations.

The following table discloses the inception dates of the Fund and its respective share classes along with the Fund’s diversification status as of period end:

Fund Name

Fund Inception

Institutional Class

I-2

Class A

Class C

Diversification Status

PIMCO Global Core Asset Allocation Fund

10/29/08

10/29/08

10/29/08

10/29/08

10/29/08

Diversified

An investment in the Fund is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Fund.

6 PIMCO GLOBAL CORE ASSET ALLOCATION FUND  

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Fund. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither the Fund’s prospectus nor the Fund’s summary prospectus, the Trust’s Statement of Additional Information (“SAI”), any contracts filed as exhibits to the Trust’s registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or the Fund creates a contract between or among any shareholder of the Fund, on the one hand, and the Trust, the Fund, a service provider to the Trust or the Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to the Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or the Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to the Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust’s then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Fund. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Fund, and information about how the Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Fund’s website at www.pimco.com, and on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.

The Fund files portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Fund’s complete schedule of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC’s website at www.sec.gov and on PIMCO’s website at www.pimco.com, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO.

SEC rules allow the Fund to fulfill its obligation to deliver shareholder reports to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Investors may elect to receive all future reports in paper free of charge by contacting their financial intermediary or, if invested directly with the Fund, investors can inform the Fund by calling (888) 87-PIMCO. Any election to receive reports in paper will apply to all funds held with the fund complex if invested directly with the Fund or to all funds held in the investor’s account if invested through a financial intermediary.

In May 2022, the SEC proposed a framework that would require certain registered funds (such as the Fund) to disclose their environmental, social, and governance (“ESG”) investing practices. Among other things, the proposed requirements would mandate that funds meeting three pre-defined classifications (i.e., integrated, ESG focused and/or impact funds) provide prospectus and shareholder

  ANNUAL REPORT MARCH 31, 2024 7

Important Information About the PIMCO Global Core Asset Allocation Fund (Cont.)

report disclosure related to the ESG factors, criteria and processes used in managing the fund. The proposal’s impact on the Fund will not be known unless and until any final rulemaking is adopted.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund (“ETF”) shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will impact the disclosures provided to shareholders. The rule amendments were effective as of January 2023, but the SEC is providing an 18-month compliance period following the effective date for such amendments other than those addressing fee and expense information in advertisements that might be materially misleading. As such, beginning in July 2024, the Fund must comply with certain new requirements which include, but are not limited to, making significant updates to the content of its shareholder reports and mailing paper copies of the new tailored shareholder reports to shareholders who have not opted to receive shareholder report documents electronically.

In November 2022, the SEC proposed rule amendments which, among other things, would require funds to adopt swing pricing in order to mitigate dilution of shareholders’ interests in a fund by requiring the adjustment of fund net asset value per share to pass on costs stemming from shareholder purchase or redemption activity. In addition the proposed rule would amend the liquidity rule framework. The proposal’s impact on the Fund will not be known unless and until any final rulemaking is adopted.

In November 2022, the SEC adopted amendments to Form N-PX under the Investment Company Act of 1940, as amended, to improve the utility to investors of proxy voting information reported by mutual funds, ETFs and certain other funds. The rule amendments will expand the scope of funds’ Form N-PX reporting obligations, subject managers to Form N-PX reporting obligations for “Say on Pay” votes, enhance Form N-PX disclosures, permit joint reporting by funds, managers and affiliated managers on Form N-PX; and require website availability of fund proxy voting records. The amendments will become effective on July 1, 2024. Funds and managers will be required to file their first reports covering the period from July 1, 2023 to June 30, 2024 on amended Form N-PX by August 31, 2024.

In September 2023, the SEC adopted amendments to a current rule governing fund naming conventions. In general, the current rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule in a number of ways that are expected to result in an increase in the types of fund names that would require the fund to adopt an 80% investment policy under the rule. Additionally, the amendments address deviations from a fund’s 80% investment policy and the use and valuation of derivatives instruments for purposes of the rule. The amendments were effective as of December 11, 2023, but the SEC is providing a 24-month compliance period following the effective date for fund groups with net assets of $1 billion or more (and a 30-month compliance period for fund groups with net assets of less than $1 billion).

8 PIMCO GLOBAL CORE ASSET ALLOCATION FUND  

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  ANNUAL REPORT MARCH 31, 2024 9

PIMCO Global Core Asset Allocation Fund

Cumulative Returns Through March 31, 2024

$1,000,000 invested at the end of the month when the Fund’s Institutional Class commenced operations.

Average Annual Total Return for the period ended March 31, 2024
		1 Year		5 Years		10 Years		Fund Inception (10/29/08)
	PIMCO Global Core Asset Allocation Fund Institutional Class		14.66%		6.05%		5.77%		5.76%
	PIMCO Global Core Asset Allocation Fund I-2		14.43%		5.93%		5.66%		5.65%
	PIMCO Global Core Asset Allocation Fund Class A		14.08%		5.56%		5.26%		5.21%
	PIMCO Global Core Asset Allocation Fund Class A (adjusted)		7.77%		4.37%		4.66%		4.94%
	PIMCO Global Core Asset Allocation Fund Class C		13.16%		4.76%		4.47%		4.42%
	PIMCO Global Core Asset Allocation Fund Class C (adjusted)		12.16%		4.76%		4.47%		4.42%
	60% MSCI All Country World Index (ACWI) and 40% Bloomberg Global Aggregate USD Hedged Index		15.37%		7.08%		6.27%		7.84%
	Lipper Alternative Global Macro Funds Average		9.92%		4.48%		3.16%		4.72%¨

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

^¨ Average annual total return since 10/31/2008.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares and 1.00% CDSC on Class C shares. For performance current to the most recent month-end, visit www.pimco.com or via (888) 87-PIMCO.

The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report), which includes the Acquired Fund Fees and Expenses (Commodity Subsidiary and Underlying PIMCO Fund expenses), were 1.16% for Institutional Class shares, 1.26% for I-2 shares, 1.61% for Class A shares, and 2.36% for Class C shares. See Financial Highlights for actual expense ratios as of the end of the period covered by this report.

10 PIMCO GLOBAL CORE ASSET ALLOCATION FUND  

Institutional Class - PGAIX I-2 - PGAPX Class A - PGMAX Class C - PGMCX

Allocation Breakdown as of March 31, 2024†§
Short-Term Instruments‡	36.2	%
Common Stocks	16.8	%
U.S. Government Agencies	13.3	%
Sovereign Issues	11.0	%
Asset-Backed Securities	9.6	%
Real Estate Investment Trusts	6.9	%
U.S. Treasury Obligations	2.6	%
Corporate Bonds & Notes	2.2	%
Non-Agency Mortgage-Backed Securities	1.0	%
Other	0.4	%

^†  % of Investments, at value.

^§  Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

^‡  Includes Central Funds Used for Cash Management Purposes.

Investment Objective and Strategy Overview

PIMCO Global Core Asset Allocation Fund seeks total return which exceeds that of a blend of 60% MSCI All Country World Index/40% Bloomberg Global Aggregate Index (USD Hedged) by investing under normal circumstances in a combination of affiliated and unaffiliated funds, which may or may not be registered under the Investment Company Act of 1940, as amended (the “1940 Act”), Fixed Income Instruments, equity securities, forwards and derivatives. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Fund Insights

The following affected performance (on a gross basis) during the reporting period:

» Overweight exposure to securitized credit, particularly through collateralized loan obligations, contributed to relative performance, as spreads tightened.

» Eurozone duration and curve positioning, particularly overweight exposure to the 5-year and 7-year portion of the curve, contributed to relative performance, as these interest rates fell.

» Investment grade (“IG”) credit positioning, particularly underweight and overweight exposure to IG credit during certain periods, contributed to relative performance, as spreads widened and tightened, respectively, during these periods.

» Eurozone equities positioning, particularly underweight and overweight exposure to eurozone equities during certain periods, detracted from relative performance, as these securities posted positive and negative returns, respectively, during these periods.

» U.S. equities positioning, particularly underweight and overweight exposure to U.S. equities during certain periods, detracted from relative performance, as these securities posted positive and negative returns, respectively, during these periods.

» Japanese equities positioning, particularly underweight and overweight exposure to Japanese equities during certain periods, detracted from relative performance, as these securities posted positive and negative returns, respectively, during these periods.

  ANNUAL REPORT MARCH 31, 2024 11

Expense Example PIMCO Global Core Asset Allocation Fund (Consolidated)

Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and exchange fees and (2) ongoing costs, including investment advisory fees, supervisory and administrative fees, distribution and/or service (12b-1) fees (if applicable), and other Fund expenses. The Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which for all Funds and share classes is from October 1, 2023 to March 31, 2024 unless noted otherwise in the table and footnotes below.

Actual Expenses

The information in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate row for your share class, in the column titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any Acquired Fund Fees and Expenses or transactional costs, such as sales charges (loads) on purchase payments and exchange fees, if any. Therefore, the information under the heading “Hypothetical (5% return before expenses)” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Expense ratios may vary period to period because of various factors, such as an increase in expenses that are not covered by the investment advisory fees and supervisory and administrative fees, such as fees and expenses of the independent trustees and their counsel, extraordinary expenses and interest expense.

	Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (10/01/23)		Ending Account Value (03/31/24)		Expenses Paid During Period*		Beginning Account Value (10/01/23)		Ending Account Value (03/31/24)		Expenses Paid During Period*		Net Annualized Expense Ratio**
Institutional Class	$	1,000.00	$	1,156.80	$	5.90	$	1,000.00	$	1,019.39	$	5.52		1.10	%
I-2		1,000.00		1,155.90		6.43		1,000.00		1,018.90		6.02		1.20
Class A		1,000.00		1,154.30		8.30		1,000.00		1,017.16		7.77		1.55
Class C		1,000.00		1,149.40		12.29		1,000.00		1,013.43		11.51		2.30

* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

** Net Annualized Expense Ratio is reflective of any applicable contractual fee waivers and/or expense reimbursements or voluntary fee waivers. Details regarding fee waivers, if any, can be found in Note 9, Fees and Expenses, in the Notes to Financial Statements.

12 PIMCO GLOBAL CORE ASSET ALLOCATION FUND  

Benchmark Description

Index*

Benchmark Description

60% MSCI All Country World Index (ACWI) and 40% Bloomberg Global Aggregate USD Hedged Index

The benchmark is a blend of 60% MSCI All Country World Index (ACWI) and 40% Bloomberg Global Aggregate USD Hedged Index. The MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The Index consists of a group of country indices comprising developed and emerging market country indices. Bloomberg Global Aggregate (USD Hedged) Index provides a broad-based measure of the global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. The index also includes Eurodollar and Euro-Yen corporate bonds, Canadian Government securities, and USD investment grade 144A securities.

* It is not possible to invest directly in an unmanaged index.

  ANNUAL REPORT MARCH 31, 2024 13

Financial Highlights PIMCO Global Core Asset Allocation Fund (Consolidated)

				Investment Operations											Less Distributions(c)
Selected Per Share Data for the Year or Period Ended^:	Net Asset Value Beginning of Year or Period(a)			Net Investment Income (Loss)(b)			Net Realized/ Unrealized Gain (Loss)				Total				From Net Investment Income				From Net Realized Capital Gains			Tax Basis Return of Capital				Total
Institutional Class
03/31/2024		$	12.49		$	0.45		$	1.36			$	1.81			$	(0.33	)		$	0.00		$	0.00			$	(0.33	)
03/31/2023			13.84			0.30			(1.47	)			(1.17	)			(0.18	)			0.00			0.00				(0.18	)
03/31/2022			13.58			0.19			0.09				0.28				(0.01	)			0.00			(0.01	)			(0.02	)
03/31/2021			10.80			0.14			3.85				3.99				(1.21	)			0.00			0.00				(1.21	)
03/31/2020			12.58			0.34			(1.50	)			(1.16	)			(0.62	)			0.00			0.00				(0.62	)
I-2
03/31/2024			12.46			0.43			1.35				1.78				(0.32	)			0.00			0.00				(0.32	)
03/31/2023			13.80			0.29			(1.46	)			(1.17	)			(0.17	)			0.00			0.00				(0.17	)
03/31/2022			13.55			0.17			0.10				0.27				(0.01	)			0.00			(0.01	)			(0.02	)
03/31/2021			10.78			0.12			3.85				3.97				(1.20	)			0.00			0.00				(1.20	)
03/31/2020			12.56			0.32			(1.49	)			(1.17	)			(0.61	)			0.00			0.00				(0.61	)
Class A
03/31/2024			12.30			0.39			1.32				1.71				(0.27	)			0.00			0.00				(0.27	)
03/31/2023			13.63			0.24			(1.44	)			(1.20	)			(0.13	)			0.00			0.00				(0.13	)
03/31/2022			13.42			0.12			0.10				0.22				0.00				0.00			(0.01	)			(0.01	)
03/31/2021			10.70			0.06			3.82				3.88				(1.16	)			0.00			0.00				(1.16	)
03/31/2020			12.47			0.27			(1.47	)			(1.20	)			(0.57	)			0.00			0.00				(0.57	)
Class C
03/31/2024			11.86			0.28			1.28				1.56				(0.19	)			0.00			0.00				(0.19	)
03/31/2023			13.17			0.14			(1.38	)			(1.24	)			(0.07	)			0.00			0.00				(0.07	)
03/31/2022			13.06			0.01			0.10				0.11				0.00				0.00			0.00				0.00
03/31/2021			10.41			0.01			3.67				3.68				(1.03	)			0.00			0.00				(1.03	)
03/31/2020			12.13			0.19			(1.46	)			(1.27	)			(0.45	)			0.00			0.00				(0.45	)

^{^}  A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.

^(a)  Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Fund.

^(b)  Per share amounts based on average number of shares outstanding during the year or period.

^(c)  The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

^(d)  Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Fund. Additionally, excludes initial sales charges and contingent deferred sales charges.

^(e)  Ratios shown do not include expenses of the investment companies in which a Fund may invest. See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information regarding the expenses and any applicable fee waivers associated with these investments.

14 PIMCO GLOBAL CORE ASSET ALLOCATION FUND See Accompanying Notes

						Ratios/Supplemental Data
									Ratios to Average Net Assets(e)
Net Asset Value End of Year or Period(a)			Total Return(d)			Net Assets End of Year or Period (000s)			Expenses			Expenses Excluding Waivers			Expenses Excluding Interest Expense			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate
	$	13.97		14.66	%		$	95,684		1.10	%		1.17	%		0.94	%		1.01	%		3.55	%		594	%
		12.49		(8.42	)			129,288		1.01			1.09			0.92			1.00			2.40			359
		13.84		2.06				163,073		0.86			1.00			0.85			0.99			1.31			119
		13.58		38.21				167,863		0.85			1.00			0.84			0.99			1.09			182
		10.80		(9.46	)			121,437		1.13			1.36			0.80			1.03			2.70			511
		13.92		14.43				28,330		1.20			1.27			1.04			1.11			3.41			594
		12.46		(8.46	)			27,407		1.11			1.19			1.02			1.10			2.29			359
		13.80		1.97				36,705		0.96			1.10			0.95			1.09			1.21			119
		13.55		38.06				42,347		0.95			1.10			0.94			1.09			0.91			182
		10.78		(9.56	)			34,956		1.23			1.46			0.90			1.13			2.53			511
		13.74		14.08				96,675		1.55			1.62			1.39			1.46			3.06			594
		12.30		(8.80	)			99,502		1.46			1.54			1.37			1.45			1.95			359
		13.63		1.64				125,611		1.31			1.45			1.30			1.44			0.86			119
		13.42		37.47				130,491		1.30			1.45			1.29			1.44			0.51			182
		10.70		(9.83	)			85,249		1.58			1.81			1.25			1.48			2.13			511
		13.23		13.25				3,241		2.30			2.37			2.14			2.21			2.33			594
		11.86		(9.45	)			4,713		2.21			2.29			2.12			2.20			1.16			359
		13.17		0.84				7,900		2.06			2.20			2.05			2.19			0.11			119
		13.06		36.47				10,493		2.05			2.20			2.04			2.19			0.11			182
		10.41		(10.54	)			31,859		2.33			2.56			2.00			2.23			1.54			511

  ANNUAL REPORT MARCH 31, 2024 15

Consolidated Statement of Assets and Liabilities PIMCO Global Core Asset Allocation Fund

(Amounts in thousands†, except per share amounts)
Assets:
Investments, at value
Investments in securities*	$	181,441
Investments in Affiliates		61,631
Financial Derivative Instruments
Exchange-traded or centrally cleared		642
Over the counter		968
Cash		51
Deposits with counterparty		9,031
Foreign currency, at value		1,944
Receivable for investments sold		821
Receivable for investments sold on a delayed-delivery basis		276
Receivable for TBA investments sold		5,430
Receivable for Fund shares sold		70
Interest and/or dividends receivable		918
Dividends receivable from Affiliates		277
Reimbursement receivable from PIMCO		13
Total Assets		263,513
Liabilities:
Financial Derivative Instruments
Exchange-traded or centrally cleared	$	449
Over the counter		2,590
Payable for investments purchased		593
Payable for investments in Affiliates purchased		313
Payable for TBA investments purchased		34,587
Deposits from counterparty		681
Payable for Fund shares redeemed		125
Accrued investment advisory fees		179
Accrued supervisory and administrative fees		32
Accrued distribution fees		2
Accrued servicing fees		21
Foreign capital gains tax payable		6
Other liabilities		5
Total Liabilities		39,583
Commitments and Contingent Liabilities^
Net Assets	$	223,930
Net Assets Consist of:
Paid in capital	$	302,943
Distributable earnings (accumulated loss)		(79,013)
Net Assets	$	223,930
Cost of investments in securities	$	180,972
Cost of investments in Affiliates	$	62,267
Cost of foreign currency held	$	1,950
Cost or premiums of financial derivative instruments, net	$	161
* Includes repurchase agreements of:	$	21,788

^† A zero balance may reflect actual amounts rounding to less than one thousand.

^{^}  See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

16 PIMCO GLOBAL CORE ASSET ALLOCATION FUND See Accompanying Notes

March 31, 2024

Net Assets:
Institutional Class	$	95,684
I-2		28,330
Class A		96,675
Class C		3,241
Shares Issued and Outstanding:
Institutional Class		6,850
I-2		2,035
Class A		7,034
Class C		245
Net Asset Value Per Share Outstanding(a):
Institutional Class	$	13.97
I-2		13.92
Class A		13.74
Class C		13.23

^(a)  Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Fund.

  ANNUAL REPORT MARCH 31, 2024 17

Consolidated Statement of Operations PIMCO Global Core Asset Allocation Fund

Year Ended March 31, 2024
(Amounts in thousands†)
Investment Income:
Interest	$	6,164
Dividends, net of foreign taxes*		652
Dividends from Investments in Affiliates		3,687
Miscellaneous income		409
Total Income		10,912
Expenses:
Investment advisory fees		2,225
Supervisory and administrative fees		384
Distribution and/or servicing fees - Class A		237
Distribution and/or servicing fees - Class C		37
Trustee fees		1
Interest expense		371
Miscellaneous expense		1
Total Expenses		3,256
Waiver and/or Reimbursement by PIMCO		(162	)
Net Expenses		3,094
Net Investment Income (Loss)		7,818
Net Realized Gain (Loss):
Investments in securities		(6,951	)
Investments in Affiliates		318
Exchange-traded or centrally cleared financial derivative instruments		24,083
Over the counter financial derivative instruments		2,315
Short sales		447
Foreign currency		(12	)
Net Realized Gain (Loss)		20,200
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		2,722
Investments in Affiliates		726
Exchange-traded or centrally cleared financial derivative instruments		(1,496	)
Over the counter financial derivative instruments		(1,431	)
Short sales		59
Foreign currency assets and liabilities		(4	)
Net Change in Unrealized Appreciation (Depreciation)		576
Net Increase (Decrease) in Net Assets Resulting from Operations	$	28,594
* Foreign tax withholdings - Dividends	$	8

^† A zero balance may reflect actual amounts rounding to less than one thousand.

18 PIMCO GLOBAL CORE ASSET ALLOCATION FUND See Accompanying Notes

Consolidated Statements of Changes in Net Assets PIMCO Global Core Asset Allocation Fund

(Amounts in thousands†)	Year Ended March 31, 2024			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	7,818		$	6,057
Net realized gain (loss)		20,200			(25,549	)
Net change in unrealized appreciation (depreciation)		576			(10,142	)
Net Increase (Decrease) in Net Assets Resulting from Operations		28,594			(29,634	)
Distributions to Shareholders:
From net investment income and/or net realized capital gains
Institutional Class		(2,711	)		(1,949	)
I-2		(671	)		(408	)
Class A		(2,014	)		(1,111	)
Class C		(54	)		(32	)
Total Distributions(a)		(5,450	)		(3,500	)
Fund Share Transactions:
Net increase (decrease) resulting from Fund share transactions*		(60,124	)		(39,245	)
Total Increase (Decrease) in Net Assets		(36,980	)		(72,379	)
Net Assets:
Beginning of year		260,910			333,289
End of year	$	223,930		$	260,910

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

^(a)  The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

  ANNUAL REPORT MARCH 31, 2024 19

Consolidated Schedule of Investments PIMCO Global Core Asset Allocation Fund

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 81.0%
CORPORATE BONDS & NOTES 2.4%
BANKING & FINANCE 0.4%
Avolon Holdings Funding Ltd.
4.250% due 04/15/2026	$		100	$		97
DAE Sukuk Difc Ltd.
3.750% due 02/15/2026			400			387
Kaisa Group Holdings Ltd.
9.375% due 06/30/2024 ^(b)			700			20
Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK)
5.000% due 09/30/2026 (a)			15			2
Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK)
5.250% due 09/30/2027 (a)			15			2
Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK)
5.500% due 09/30/2027 (a)			30			3
Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK)
5.750% due 09/30/2028 (a)			45			3
Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK)
6.000% due 09/30/2029 (a)			45			3
Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK)
6.250% due 09/30/2030 (a)			21			1
VICI Properties LP
3.875% due 02/15/2029			400			368
Yango Justice International Ltd.
7.500% due 04/15/2024 ^(b)			700			4
						890
INDUSTRIALS 1.1%
American Airlines Pass-Through Trust
3.575% due 07/15/2029			257			241
Berry Global, Inc.
4.875% due 07/15/2026			986			967
Broadcom, Inc.
3.137% due 11/15/2035			521			421
Energy Transfer LP
3.750% due 05/15/2030			900			830
						2,459
UTILITIES 0.9%
Midwest Connector Capital Co. LLC
3.900% due 04/01/2024			1,500			1,500

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Pacific Gas & Electric Co.
2.500% due 02/01/2031	$		600	$		500
						2,000
Total Corporate Bonds & Notes (Cost $7,072)						5,349
CONVERTIBLE BONDS & NOTES 0.2%
BANKING & FINANCE 0.0%
Sunac China Holdings Ltd. (1.000% PIK)
1.000% due 09/30/2032 (a)			46			3
INDUSTRIALS 0.2%
Multiplan Corp. (6.000% Cash or 7.000% PIK)
6.000% due 10/15/2027 (a)			800			568
Total Convertible Bonds & Notes (Cost $795)						571
U.S. GOVERNMENT AGENCIES 14.4%
Freddie Mac
5.983% due 07/15/2041 •			380			376
Ginnie Mae
6.219% due 09/20/2071 •			2,195			2,200
6.246% due 08/20/2068 •			363			357
Uniform Mortgage-Backed Security
4.000% due 10/01/2040			2			2
Uniform Mortgage-Backed Security, TBA
2.000% due 05/01/2054			2,100			1,665
2.500% due 05/01/2054			2,600			2,152
3.000% due 04/01/2054			1,800			1,549
3.500% due 05/01/2054			1,800			1,612
5.000% due 05/01/2054			10,400			10,151
5.500% due 05/01/2054			12,300			12,240
Total U.S. Government Agencies (Cost $32,191)						32,304
U.S. TREASURY OBLIGATIONS 2.8%
U.S. Treasury Bonds
1.375% due 11/15/2040 (j)(l)			2,700			1,737
4.000% due 11/15/2042 (j)(l)			2,050			1,932
4.000% due 11/15/2052 (l)			1,550			1,458
U.S. Treasury Inflation Protected Securities (f)
1.750% due 01/15/2034 (l)			1,204			1,189
Total U.S. Treasury Obligations (Cost $7,604)						6,316
NON-AGENCY MORTGAGE-BACKED SECURITIES 1.1%
Alliance Bancorp Trust
5.924% due 07/25/2037 •			188			158

20 PIMCO GLOBAL CORE ASSET ALLOCATION FUND See Accompanying Notes

March 31, 2024

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Bear Stearns Adjustable Rate Mortgage Trust
4.300% due 07/25/2036 ~	$		49	$		43
4.569% due 08/25/2033 ~			29			27
4.781% due 02/25/2036 ~			28			24
Countrywide Alternative Loan Trust
5.744% due 07/25/2035 •			301			229
5.764% due 09/25/2047 •			71			64
6.089% due 02/25/2036 •			86			75
Countrywide Home Loan Mortgage Pass-Through Trust
4.172% due 09/20/2036 ~			46			40
6.000% due 04/25/2036			147			73
6.084% due 03/25/2035 •			39			36
Impac CMB Trust
6.064% due 04/25/2035 «•			63			58
6.089% due 04/25/2035 «•			82			74
Residential Accredit Loans, Inc. Trust
6.000% due 12/25/2036			39			32
Structured Adjustable Rate Mortgage Loan Trust
4.414% due 01/25/2035 ~			2			2
Structured Asset Mortgage Investments Trust
5.941% due 07/19/2035 •			13			12
Towd Point Mortgage Funding
6.367% due 10/20/2051 •	GBP		470			594
WaMu Mortgage Pass-Through Certificates Trust
6.104% due 01/25/2045 •	$		1,001			957
Total Non-Agency Mortgage-Backed Securities (Cost $2,651)						2,498
ASSET-BACKED SECURITIES 10.4%
522 Funding CLO Ltd.
6.619% due 10/20/2031 •			581			583
Aames Mortgage Investment Trust
5.924% due 04/25/2036 •			79			72
ACE Securities Corp. Home Equity Loan Trust
5.924% due 06/25/2036 •			116			84
6.344% due 08/25/2035 •			119			116
Anchorage Capital CLO Ltd.
6.626% due 07/15/2030 •			470			470
Apidos CLO
6.460% due 07/18/2029 •			423			424
Ares CLO Ltd.
6.446% due 01/15/2029 •			516			516
Argent Mortgage Loan Trust
5.924% due 05/25/2035 •			306			270
Argent Securities Trust
5.744% due 07/25/2036 •			237			203
Benefit Street Partners CLO Ltd.
6.526% due 10/15/2030 •			170			170
6.608% due 01/17/2032 •			100			100

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Carlyle Global Market Strategies CLO Ltd.
6.518% due 08/14/2030 •	$		598	$		600
Carvana Auto Receivables Trust
5.760% due 04/12/2027			1,000			1,000
Catamaran CLO Ltd.
6.679% due 04/22/2030 •			349			350
CIFC Funding Ltd.
6.530% due 10/24/2030 •			305			304
Citigroup Mortgage Loan Trust
5.879% due 11/25/2036 •			45			44
Countrywide Asset-Backed Certificates Trust
5.724% due 05/25/2035 •			24			23
5.944% due 03/25/2037 •			499			476
Crestline Denali CLO Ltd.
6.717% due 10/23/2031 •			370			370
Dryden CLO Ltd.
6.567% due 01/17/2033 •			300			300
Elevation CLO Ltd.
6.536% due 10/25/2030 •			514			515
First Franklin Mortgage Loan Trust
6.149% due 11/25/2036 •			952			908
Fremont Home Loan Trust
5.714% due 10/25/2036 •			441			387
Gallatin CLO Ltd.
6.666% due 07/15/2031 •			287			286
GoldenTree Loan Management U.S. CLO Ltd.
6.489% due 11/20/2030 •			512			512
Hertz Vehicle Financing LLC
1.210% due 12/26/2025			279			272
KKR CLO Ltd.
6.500% due 07/18/2030 •			151			152
LCM LP
6.441% due 07/19/2027 •			6			6
Lehman ABS Manufactured Housing Contract Trust
7.170% due 04/15/2040 ~			387			345
Long Beach Mortgage Loan Trust
6.044% due 01/25/2036 •			1,087			951
Madison Park Funding Ltd.
6.569% due 04/20/2032 •			250			250
Magnetite Ltd.
6.449% due 11/15/2028 •			276			276
Man GLG Euro CLO DAC
4.812% due 01/15/2030 •	EUR		39			42
Oaktree CLO Ltd.
6.689% due 04/22/2030 •	$		250			250
6.699% due 10/20/2032 •			250			251
OCP Euro CLO DAC
4.850% due 09/22/2034 •	EUR		500			538
Octagon Investment Partners Ltd.
6.568% due 02/14/2031 •	$		300			301

See Accompanying Notes ANNUAL REPORT MARCH 31, 2024 21

Consolidated Schedule of Investments PIMCO Global Core Asset Allocation Fund (Cont.)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
OSD CLO Ltd.
6.448% due 04/17/2031 •	$		410	$		411
OZLM Ltd.
6.521% due 10/20/2031 •			470			471
6.558% due 10/17/2029 •			163			163
6.739% due 07/20/2032 •			400			401
6.829% due 10/30/2030 •			124			124
Palmer Square CLO Ltd.
6.578% due 10/17/2031 •			90			90
Palmer Square European Loan Funding DAC
4.722% due 04/15/2031 •	EUR		256			273
Palmer Square Loan Funding Ltd.
6.376% due 10/15/2029 •	$		1,281			1,280
6.379% due 07/20/2029 •			709			709
Popular ABS Mortgage Pass-Through Trust
5.939% due 07/25/2036 •			89			83
Rad CLO Ltd.
6.700% due 07/24/2032 •			600			600
Saranac CLO Ltd.
6.717% due 08/13/2031 •			350			351
Segovia European CLO DAC
4.850% due 07/20/2032 •	EUR		300			323
Sound Point CLO Ltd.
6.559% due 10/20/2030 •	$		569			568
6.566% due 07/25/2030 •			175			175
6.789% due 07/20/2032 •			500			500
Stratus CLO Ltd.
6.529% due 12/29/2029 •			248			249
Structured Asset Securities Corp. Mortgage Loan Trust
6.014% due 10/25/2036 •			50			49
6.239% due 02/25/2036 •			100			95
Symphony Static CLO Ltd.
6.416% due 10/25/2029 •			169			169
TCI-Symphony CLO Ltd.
6.596% due 10/13/2032 •			490			491
TCW CLO Ltd.
6.556% due 04/25/2031 •			376			376
Venture CLO Ltd.
6.569% due 07/20/2030 •			419			420
6.739% due 07/30/2032 •			1,000			1,000
Vibrant CLO Ltd.
6.544% due 06/20/2029 •			2			2
6.699% due 07/20/2032 •			300			300
Voya CLO Ltd.
6.576% due 10/15/2030 •			176			176
Wellfleet CLO Ltd.
6.469% due 07/20/2029 •			63			63
Wind River CLO Ltd.
6.656% due 07/15/2031 •			600			600
Total Asset-Backed Securities (Cost $23,104)						23,229

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
SOVEREIGN ISSUES 11.9%
Argentina Government International Bond
0.750% due 07/09/2030 þ	$		368	$		186
3.625% due 07/09/2035 þ			242			101
Argentina Treasury Bond BONCER
0.000% due 06/30/2025 (e)	ARS		4,107			6
Brazil Letras do Tesouro Nacional
0.000% due 07/01/2024 (e)	BRL		12,700			2,472
0.000% due 10/01/2024 (e)			15,300			2,907
Canada Government Bond
3.250% due 09/01/2028	CAD		4,900			3,574
China Government International Bond
2.850% due 06/04/2027	CNY		39,710			5,624
Colombian TES
5.750% due 11/03/2027	COP		6,476,000			1,499
7.750% due 09/18/2030			7,751,000			1,832
Japan Government International Bond
1.700% due 09/20/2044	JPY		270,000			1,855
Mexico Government International Bond
2.750% due 11/27/2031 (f)	MXN		13,494			700
4.000% due 11/30/2028 (f)			464			27
Peru Government International Bond
1.862% due 12/01/2032	$		900			687
Provincia de Buenos Aires
106.588% due 04/12/2025	ARS		55			0
South Africa Government International Bond
10.500% due 12/21/2026	ZAR		56,700			3,079
Spain Government International Bond
0.700% due 04/30/2032	EUR		1,800			1,629
United Kingdom Gilt
0.625% due 10/22/2050	GBP		1,000			527
Total Sovereign Issues (Cost $27,437)						26,705
		SHARES
COMMON STOCKS 18.3%
COMMUNICATION SERVICES 5.6%
Alphabet, Inc. ‘A’ (c)			81,109			12,242
Meta Platforms, Inc. ‘A’			400			194
						12,436

22 PIMCO GLOBAL CORE ASSET ALLOCATION FUND See Accompanying Notes

March 31, 2024

	SHARES			MARKET VALUE (000S)
CONSUMER DISCRETIONARY 0.1%
Amazon.com, Inc. (c)		1,200	$		217
INFORMATION TECHNOLOGY 11.2%
Advanced Micro Devices, Inc. (c)		1,200			216
Apple, Inc.		1,200			206
Applied Materials, Inc.		1,200			247
Arista Networks, Inc. (c)		800			232
ASML Holding NV		210			204
Broadcom, Inc.		170			225
Microsoft Corp.		28,080			11,814
NVIDIA Corp.		12,920			11,674
Taiwan Semiconductor Manufacturing Co. Ltd. SP - ADR		1,600			218
					25,036
REAL ESTATE 0.0%
Sunac Services Holdings Ltd.		121,782			29
UTILITIES 1.4%
AES Corp.		28,400			509
American Electric Power Co., Inc.		2,700			233
Constellation Energy Corp.		2,700			499
NextEra Energy, Inc.		7,500			479
NRG Energy, Inc.		7,200			487
Southern Co.		6,400			459
Vistra Corp.		7,300			509
					3,175
Total Common Stocks (Cost $39,000)					40,893
PREFERRED SECURITIES 0.2%
BANKING & FINANCE 0.2%
Bank of America Corp.
5.875% due 03/15/2028 •(g)		269,000			264
Nationwide Building Society
10.250% ~		1,489			255
Total Preferred Securities (Cost $559)					519
REAL ESTATE INVESTMENT TRUSTS 7.5%
REAL ESTATE 7.5%
Agree Realty Corp.		11,273			644

		SHARES			MARKET VALUE (000S)
American Tower Corp.			2,155	$		426
Apartment Income REIT Corp.			18,588			604
Crown Castle, Inc.			4,600			487
Digital Realty Trust, Inc.			7,200			1,037
Equinix, Inc.			1,705			1,407
Equity LifeStyle Properties, Inc.			8,659			558
Equity Residential			12,054			761
Extra Space Storage, Inc.			2,973			437
First Industrial Realty Trust, Inc.			22,467			1,180
Gaming & Leisure Properties, Inc.			12,367			570
Host Hotels & Resorts, Inc.			41,699			862
Invitation Homes, Inc.			33,161			1,181
National Storage Affiliates Trust			10,907			427
Prologis, Inc.			14,909			1,942
Public Storage			2,600			754
RLJ Lodging Trust			52,391			619
SBA Communications Corp.			1,778			385
Simon Property Group, Inc.			7,093			1,110
Sun Communities, Inc.			3,091			397
Sunstone Hotel Investors, Inc.			24,700			275
VICI Properties, Inc.			21,682			646
Total Real Estate Investment Trusts (Cost $14,099)						16,709
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 11.8%
COMMERCIAL PAPER 1.0%
American Electric Power Co., Inc.
5.500% due 04/02/2024	$		100			100
5.550% due 04/08/2024			100			100
5.560% due 05/15/2024			100			99
Arrow Electronics, Inc.
5.750% due 04/04/2024			100			100
Bacardi Martini BV
5.700% due 04/18/2024			100			100
5.800% due 04/18/2024			100			100
5.900% due 04/17/2024			100			100
CRH America Finance, Inc.
5.480% due 04/05/2024			100			100
Crown Castle, Inc.
5.830% due 04/16/2024			120			120

See Accompanying Notes ANNUAL REPORT MARCH 31, 2024 23

Consolidated Schedule of Investments PIMCO Global Core Asset Allocation Fund (Cont.)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Entergy Corp.
5.600% due 05/02/2024	$		100	$		99
5.600% due 05/06/2024			100			99
Intercontinental Exchange, Inc.
5.520% due 04/10/2024			100			100
5.540% due 04/24/2024			100			99
5.550% due 05/03/2024			100			99
Keurig Dr Pepper, Inc.
5.480% due 04/04/2024			100			100
L3Harris Technologies, Inc.
5.520% due 04/15/2024			100			100
NextEra Energy Capital Holdings, Inc.
5.570% due 04/26/2024			100			99
Penske Truck Leasing Co. LP
5.500% due 04/03/2024			100			100
5.550% due 04/26/2024			250			249
5.550% due 05/17/2024			100			99
						2,162
REPURCHASE AGREEMENTS (h) 9.7%
						21,788
SHORT-TERM NOTES 0.0%
Argentina Treasury Bond BONCER
3.750% due 05/20/2024	ARS		6,831			7

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
JAPAN TREASURY BILLS 1.1%
(0.195)% due 04/08/2024 - 04/22/2024 (d)(e)	JPY		362,000	$		2,391
Total Short-Term Instruments (Cost $26,460)						26,348
Total Investments in Securities (Cost $180,972)						181,441
		SHARES
INVESTMENTS IN AFFILIATES 27.5%
SHORT-TERM INSTRUMENTS 27.5%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 27.5%
PIMCO Short Asset Portfolio			3,930,128			38,279
PIMCO Short-Term Floating NAV Portfolio III			2,400,732			23,352
Total Short-Term Instruments (Cost $62,267)						61,631
Total Investments in Affiliates (Cost $62,267)						61,631
Total Investments 108.5% (Cost $243,239)				$		243,072
Financial Derivative Instruments (i)(k) (0.6)% (Cost or Premiums, net $161)						(1,429	)
Other Assets and Liabilities, net (7.9)%						(17,713	)
Net Assets 100.0%				$		223,930

NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:

* A zero balance may reflect actual amounts rounding to less than one thousand.

^ Security is in default.

« Security valued using significant unobservable inputs (Level 3).

~ Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) Payment in-kind security.

(b) Security is not accruing income as of the date of this report.

(c) Security did not produce income within the last twelve months.

24 PIMCO GLOBAL CORE ASSET ALLOCATION FUND See Accompanying Notes

March 31, 2024

(d) Coupon represents a weighted average yield to maturity.

(e) Zero coupon security.

(f) Principal amount of security is adjusted for inflation.

(g) Perpetual maturity; date shown, if applicable, represents next contractual call date.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(h) REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received(1)
FICC		2.600	%		03/28/2024		04/01/2024	$	455	U.S. Treasury Notes 5.000% due 09/30/2025	$	(464	)	$	455	$	455
SAL		5.400			03/28/2024		04/01/2024		21,100	U.S. Treasury Notes 0.875% due 06/30/2026		(21,558	)		21,100		21,113
SSB		2.600			03/28/2024		04/01/2024		233	U.S. Treasury Notes 4.125% due 07/31/2028(2)		(238	)		233		233
Total Repurchase Agreements											$	(22,260	)	$	21,788	$	21,801

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2024:

Counterparty	Repurchase Agreement Proceeds to be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/ (Received)			Net Exposure(3)
Global/Master Repurchase Agreement
FICC	$	455	$	0	$	0	$	455	$	(464	)	$	(9	)
SAL		21,113		0		0		21,113		(21,558	)		(445	)
SSB		233		0		0		233		(238	)		(5	)
Total Borrowings and Other Financing Transactions	$	21,801	$	0	$	0

Cash of $35 has been pledged as collateral as of March 31, 2024 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.

⁽¹⁾ Includes accrued interest.

⁽²⁾ Collateral is held in custody by the counterparty.

⁽³⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

The average amount of borrowings outstanding during the period ended March 31, 2024 was $(287) at a weighted average interest rate of 4.967%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

See Accompanying Notes ANNUAL REPORT MARCH 31, 2024 25

Consolidated Schedule of Investments PIMCO Global Core Asset Allocation Fund (Cont.)

(i) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

WRITTEN OPTIONS:

OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

Description	Strike Price		Expiration Date		# of Contracts		Notional Amount		Premiums (Received)			Market Value
Put - CBOT U.S. Treasury 10-Year Note May Futures	$	109.000		04/26/2024		6	$	6	$	(2	)	$	(1	)
Call - CBOT U.S. Treasury 10-Year Note May Futures		113.000		04/26/2024		6		6		(3	)		0
Total Written Options									$	(5	)	$	(1	)

FUTURES CONTRACTS:

LONG FUTURES CONTRACTS

Description	Expiration Month		# of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)			Variation Margin
										Asset		Liability
Australia Government 3-Year Bond June Futures		06/2024		34	$	2,369	$	(1	)	$	3	$	0
CAC 40 Index April Futures		04/2024		9		798		14			2		0
Canada Government 10-Year Bond June Futures		06/2024		12		1,066		6			0		0
DAX Index June Futures		06/2024		1		506		21			3		0
E-mini NASDAQ 100 Index June Futures		06/2024		1		370		4			0		(1	)
E-Mini S&P 500 Index June Futures		06/2024		284		75,381		1,453			4		0
Euro STOXX 600 June Futures		06/2024		708		19,508		466			69		0
Euro-Bobl June Futures		06/2024		14		1,786		7			5		0
Euro-BTP Italy Government Bond June Futures		06/2024		18		2,311		35			7		(9	)
Euro-Bund June Futures		06/2024		18		2,590		13			5		0
Euro-OAT France Government 10-Year Bond June Futures		06/2024		10		1,383		14			5		(1	)
FTSE/MIB Index June Futures		06/2024		4		738		35			1		0
IBEX 35 Index April Futures		04/2024		1		119		8			1		0
Japan Government 10-Year Bond June Futures		06/2024		9		8,661		6			7		(12	)
Nikkei 225 Yen-denominated June Futures		06/2024		17		2,266		21			1		(5	)
S&P 200 June Futures		06/2024		17		2,202		66			31		0
S&P/Toronto Stock Exchange 60 June Futures		06/2024		19		3,763		64			10		0
Topix Index June Futures		06/2024		24		4,392		135			32		(24	)
U.S. Treasury 2-Year Note June Futures		06/2024		108		22,084		(6	)		0		(22	)
U.S. Treasury 5-Year Note June Futures		06/2024		325		34,780		104			0		(38	)
U.S. Treasury 10-Year Note June Futures		06/2024		154		17,063		92			0		(12	)
U.S. Treasury 10-Year Ultra Long-Term Bond June Futures		06/2024		84		9,627		51			1		(1	)
U.S. Treasury Long-Term Bond June Futures		06/2024		2		241		3			1		0
United Kingdom Long Gilt June Futures		06/2024		6		757		20			4		0
							$	2,631		$	192	$	(125	)

SHORT FUTURES CONTRACTS

Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
											Asset		Liability
Australia Government 10-Year Bond June Futures		06/2024		36	$	(2,735	)	$	(17	)	$	0	$	(14	)
Euro STOXX 50 June Futures		06/2024		69		(3,756	)		(84	)		0		(9	)
FTSE 100 Index June Futures		06/2024		15		(1,512	)		(40	)		1		(6	)
Gold 100 oz. June Futures		06/2024		5		(1,119	)		(20	)		0		(13	)
Mini MSCI Emerging Markets Index June Futures		06/2024		140		(7,343	)		3			0		(29	)
OMX Stockholm 30 Index April Futures		04/2024		30		(708	)		(11	)		6		0
U.S. Treasury Ultra Long-Term Bond June Futures		06/2024		6		(774	)		(23	)		0		(3	)
								$	(192	)	$	7	$	(74	)
Total Futures Contracts								$	2,439		$	199	$	(199	)

26 PIMCO GLOBAL CORE ASSET ALLOCATION FUND See Accompanying Notes

March 31, 2024

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION⁽¹⁾

Reference Entity	Fixed Receive Rate			Payment Frequency	Maturity Date		Implied Credit Spread at March 31, 2024(3)			Notional Amount(4)		Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)		Market Value(5)		Variation Margin
																		Asset		Liability
Ford Motor Credit Co. LLC		5.000	%	Quarterly		06/20/2025		0.284	%	$	500	$	20	$	9	$	29	$	0	$	0

CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION⁽²⁾

Index/Tranches	Fixed (Pay) Rate			Payment Frequency	Maturity Date		Notional Amount(4)			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)		Market Value(5)			Variation Margin
																		Asset		Liability
iTraxx Crossover 41 5-Year Index		(5.000	)%	Quarterly		06/20/2029		EUR	100	$	(10	)	$	0	$	(10	)	$	0	$	0

CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION⁽¹⁾

Index/Tranches	Fixed Receive Rate			Payment Frequency	Maturity Date		Notional Amount(4)			Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)		Market Value(5)		Variation Margin
																Asset		Liability
CDX.HY-42 5-Year Index		5.000	%	Quarterly		06/20/2029		$	400	$	28	$	1	$	29	$	0	$	0
CDX.IG-40 5-Year Index		1.000		Quarterly		06/20/2028			300		4		3		7		0		0
CDX.IG-41 5-Year Index		1.000		Quarterly		12/20/2028			6,100		71		70		141		1		0
CDX.IG-42 5-Year Index		1.000		Quarterly		06/20/2029			9,800		219		6		225		1		0
iTraxx Europe Main 41 5-Year Index		1.000		Quarterly		06/20/2029		EUR	200		5		0		5		0		0
										$	327	$	80	$	407	$	2	$	0

INTEREST RATE SWAPS

Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
																				Asset		Liability
Pay(6)	1-Day GBP-SONIO Compounded-OIS		4.400	%	Annual		02/10/2026		GBP	14,100	$	73		$	(7	)	$	66		$	3	$	0
Pay(6)	1-Day GBP-SONIO Compounded-OIS		4.250		Annual		09/18/2026			15,100		35			48			83			10		0
Pay(6)	1-Day GBP-SONIO Compounded-OIS		4.000		Annual		09/18/2029			2,900		53			9			62			8		0
Pay	1-Day GBP-SONIO Compounded-OIS		4.320		Annual		10/20/2033			95		(1	)		7			6			0		0
Receive(6)	1-Day GBP-SONIO Compounded-OIS		3.750		Annual		09/18/2034			8,900		(138	)		(28	)		(166	)		0		(51	)
Pay(6)	1-Day GBP-SONIO Compounded-OIS		3.750		Annual		09/18/2054			1,900		53			(2	)		51			22		0
Receive(6)	1-Day INR-MIBOR Compounded-OIS		6.250		Semi-Annual		09/18/2029		INR	141,250		3			0			3			0		(1	)
Receive(6)	1-Day JPY-MUTKCALM Compounded-OIS		0.125		Annual		10/12/2024		JPY	2,250,000		2			(3	)		(1	)		0		0
Pay	1-Day JPY-MUTKCALM Compounded-OIS		0.000		Annual		12/15/2026			871,000		(45	)		(10	)		(55	)		1		0
Receive	1-Day JPY-MUTKCALM Compounded-OIS		0.050		Annual		12/15/2031			340,000		114			(6	)		108			0		(3	)
Receive	1-Day JPY-MUTKCALM Compounded-OIS		0.450		Annual		12/15/2051			110,000		169			(1	)		168			0		(4	)

See Accompanying Notes ANNUAL REPORT MARCH 31, 2024 27

Consolidated Schedule of Investments PIMCO Global Core Asset Allocation Fund (Cont.)

Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
																				Asset		Liability
Pay	1-Day JPY-MUTKCALM Compounded-OIS		1.000	%	Annual		03/15/2053		JPY	110,000	$	(61	)	$	(19	)	$	(80	)	$	4	$	0
Receive(6)	1-Day SGD-SIBCSORA Compounded-OIS		2.750		Semi-Annual		09/18/2029		SGD	1,290		7			2			9			0		0
Pay(6)	1-Day THB-THOR Compounded-OIS		2.250		Quarterly		09/18/2029		THB	29,900		2			0			2			0		0
Receive	1-Day USD-SOFR Compounded-OIS		3.750		Annual		06/21/2025		$	19,700		116			418			534			17		0
Pay	1-Day USD-SOFR Compounded-OIS		4.250		Annual		12/20/2025			19,850		(221	)		16			(205	)		0		(25	)
Receive	1-Day USD-SOFR Compounded-OIS		4.250		Annual		12/20/2025			12,450		54			75			129			13		0
Receive	1-Day USD-SOFR Compounded-OIS		4.000		Annual		03/20/2026			35,800		175			221			396			51		0
Pay(6)	1-Day USD-SOFR Compounded-OIS		3.500		Annual		04/02/2026			17,600		(171	)		(177	)		(348	)		0		(19	)
Receive(6)	1-Day USD-SOFR Compounded-OIS		4.000		Annual		06/20/2026			9,200		(39	)		101			62			11		0
Pay	1-Day USD-SOFR Compounded-OIS		3.800		Annual		03/10/2028			1,526		(3	)		(15	)		(18	)		0		(3	)
Receive	1-Day USD-SOFR Compounded-OIS		3.807		Annual		05/31/2028			5,100		0			57			57			9		0
Pay	1-Day USD-SOFR Compounded-OIS		3.250		Annual		06/21/2028			1,700		(7	)		(75	)		(82	)		0		(3	)
Pay	1-Day USD-SOFR Compounded-OIS		3.750		Annual		12/20/2028			300		3			(8	)		(5	)		0		(1	)
Pay	1-Day USD-SOFR Compounded-OIS		3.970		Annual		02/27/2029			837		(2	)		0			(2	)		0		(1	)
Receive	1-Day USD-SOFR Compounded-OIS		1.750		Annual		06/15/2029			200		18			9			27			0		0
Receive(6)	1-Day USD-SOFR Compounded-OIS		3.750		Annual		06/20/2029			36,800		75			172			247			52		0
Pay	1-Day USD-SOFR Compounded-OIS		3.525		Annual		03/02/2030			600		(2	)		(12	)		(14	)		0		(1	)
Pay	1-Day USD-SOFR Compounded-OIS		3.800		Annual		08/22/2030			705		(2	)		(10	)		(12	)		0		(1	)
Receive	1-Day USD-SOFR Compounded-OIS		3.500		Annual		12/20/2030			8,200		8			229			237			12		0
Pay(6)	1-Day USD-SOFR Compounded-OIS		3.750		Annual		06/20/2031			6,000		78			(106	)		(28	)		0		(7	)
Receive	1-Day USD-SOFR Compounded-OIS		2.385		Annual		06/08/2032			2,200		23			258			281			3		0
Receive	1-Day USD-SOFR Compounded-OIS		1.750		Annual		06/15/2032			2,600		282			178			460			3		0
Receive	1-Day USD-SOFR Compounded-OIS		3.000		Annual		06/21/2033			1,900		117			43			160			2		0
Pay	1-Day USD-SOFR Compounded-OIS		3.760		Annual		08/23/2033			2,771		(11	)		(37	)		(48	)		0		(2	)
Pay	1-Day USD-SOFR Compounded-OIS		3.800		Annual		08/30/2033			1,600		(6	)		(16	)		(22	)		0		(1	)
Pay	1-Day USD-SOFR Compounded-OIS		3.900		Annual		08/30/2033			3,322		(12	)		(5	)		(17	)		0		(3	)
Pay	1-Day USD-SOFR Compounded-OIS		4.155		Annual		10/02/2033			793		(3	)		17			14			0		(1	)
Pay	1-Day USD-SOFR Compounded-OIS		4.170		Annual		10/03/2033			851		(3	)		19			16			0		(1	)
Pay	1-Day USD-SOFR Compounded-OIS		4.175		Annual		10/10/2033			567		(2	)		13			11			0		0
Pay	1-Day USD-SOFR Compounded-OIS		4.150		Annual		10/12/2033			570		(2	)		12			10			0		0
Pay	1-Day USD-SOFR Compounded-OIS		4.200		Annual		10/18/2033			459		(2	)		12			10			0		0
Pay	1-Day USD-SOFR Compounded-OIS		4.393		Annual		10/25/2033			328		(1	)		14			13			0		0
Receive	1-Day USD-SOFR Compounded-OIS		4.250		Annual		11/22/2033			700		(3	)		(17	)		(20	)		1		0
Receive	1-Day USD-SOFR Compounded-OIS		4.030		Annual		12/15/2033			656		(3	)		(4	)		(7	)		1		0
Receive	1-Day USD-SOFR Compounded-OIS		3.950		Annual		12/19/2033			723		(3	)		0			(3	)		1		0
Pay	1-Day USD-SOFR Compounded-OIS		3.500		Annual		12/20/2033			2,090		(78	)		9			(69	)		0		(2	)
Receive	1-Day USD-SOFR Compounded-OIS		3.500		Annual		12/20/2033			10,090		612			(280	)		332			8		0
Receive	1-Day USD-SOFR Compounded-OIS		3.648		Annual		01/08/2034			803		(4	)		20			16			1		0
Pay	1-Day USD-SOFR Compounded-OIS		3.655		Annual		01/24/2034			225		(1	)		(3	)		(4	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		3.665		Annual		01/24/2034			449		(2	)		(6	)		(8	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		3.685		Annual		01/24/2034			168		(1	)		(2	)		(3	)		0		0
Receive	1-Day USD-SOFR Compounded-OIS		3.085		Annual		02/13/2034			6,300		149			259			408			5		0
Pay	1-Day USD-SOFR Compounded-OIS		3.860		Annual		02/21/2034			1,396		(6	)		6			0			0		(1	)
Pay	1-Day USD-SOFR Compounded-OIS		3.710		Annual		03/05/2034			840		(3	)		(7	)		(10	)		0		(1	)
Pay	1-Day USD-SOFR Compounded-OIS		4.250		Annual		03/20/2034			1,300		53			(10	)		43			0		(1	)
Receive(6)	1-Day USD-SOFR Compounded-OIS		3.750		Annual		06/20/2034			11,400		51			(8	)		43			6		0
Receive	1-Day USD-SOFR Compounded-OIS		1.750		Annual		06/15/2052			700		137			114			251			0		(1	)
Pay	1-Day USD-SOFR Compounded-OIS		1.750		Annual		06/15/2052			300		(71	)		(36	)		(107	)		0		0
Receive	1-Day USD-SOFR Compounded-OIS		2.750		Annual		06/21/2053			3,300		271			309			580			0		(5	)
Pay	1-Day USD-SOFR Compounded-OIS		3.830		Annual		10/12/2053			167		(1	)		6			5			0		0
Receive	1-Day USD-SOFR Compounded-OIS		3.250		Annual		12/20/2053			4,900		366			(18	)		348			0		(8	)
Pay(6)	1-Day USD-SOFR Compounded-OIS		3.500		Annual		06/20/2054			8,800		20			(167	)		(147	)		23		0
Pay	1-Year BRL-CDI		9.838		Maturity		01/04/2027		BRL	13,200		0			(15	)		(15	)		0		0
Pay	1-Year BRL-CDI		11.604		Maturity		01/04/2027			27,800		15			69			84			0		(1	)
Pay(6)	3-Month CNY-CNREPOFIX		2.250		Quarterly		09/18/2029		CNY	46,160		41			(7	)		34			0		0
Receive	3-Month COP-IBR Compounded-OIS		10.960		Quarterly		11/21/2025		COP	3,912,200		0			(35	)		(35	)		0		0
Receive	3-Month COP-IBR Compounded-OIS		8.585		Quarterly		11/26/2025			7,565,800		0			6			6			1		0
Receive	3-Month COP-IBR Compounded-OIS		8.590		Quarterly		11/26/2025			8,099,800		0			6			6			2		0
Receive	3-Month COP-IBR Compounded-OIS		9.280		Quarterly		11/26/2025			8,399,000		0			(18	)		(18	)		1		0
Pay	3-Month COP-IBR Compounded-OIS		10.840		Quarterly		12/02/2025			26,449,500		0			235			235			0		(4	)
Receive	3-Month COP-IBR Compounded-OIS		4.920		Quarterly		08/26/2026			9,600,000		0			184			184			5		0

28 PIMCO GLOBAL CORE ASSET ALLOCATION FUND See Accompanying Notes

March 31, 2024

Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
																				Asset		Liability
Pay	3-Month COP-IBR Compounded-OIS		5.925	%	Quarterly		08/26/2026		COP	9,400,000	$	0		$	(125	)	$	(125	)	$	0	$	(4	)
Receive	3-Month COP-IBR Compounded-OIS		7.215		Quarterly		02/09/2027			2,700,790		55			(39	)		16			1		0
Receive	3-Month COP-IBR Compounded-OIS		7.950		Quarterly		11/03/2027			6,476,000		0			(4	)		(4	)		2		0
Pay	3-Month COP-IBR Compounded-OIS		10.270		Quarterly		11/17/2027			5,849,900		0			120			120			0		(1	)
Receive	3-Month COP-IBR Compounded-OIS		10.580		Quarterly		01/10/2028			10,675,680		(175	)		(76	)		(251	)		3		0
Receive	3-Month COP-IBR Compounded-OIS		8.930		Quarterly		09/18/2030			11,500,000		0			(191	)		(191	)		7		0
Pay	3-Month ILS-TELBOR		1.215		Annual		02/11/2027		ILS	810		(16	)		0			(16	)		0		0
Pay(6)	3-Month KRW-KORIBOR		3.250		Quarterly		09/18/2029		KRW	4,603,160		18			(10	)		8			0		(1	)
Pay	3-Month ZAR-JIBAR		6.690		Quarterly		11/04/2026		ZAR	63,480		(123	)		0			(123	)		0		(2	)
Pay	3-Month ZAR-JIBAR		5.980		Quarterly		12/21/2026			22,700		(114	)		49			(65	)		0		(1	)
Receive	3-Month ZAR-JIBAR		8.670		Quarterly		12/21/2026			41,600		(35	)		8			(27	)		1		0
Pay	6-Month AUD-BBR-BBSW		4.500		Semi-Annual		03/20/2034		AUD	4,000		31			35			66			16		0
Receive	6-Month CLP-CHILIBOR		5.070		Semi-Annual		03/04/2026		CLP	3,600,000		0			15			15			3		0
Pay	6-Month CLP-CHILIBOR		5.025		Semi-Annual		03/18/2026		CLP	3,600,000		0			(14	)		(14	)		0		(3	)
Pay	6-Month CLP-CHILIBOR		5.850		Semi-Annual		01/14/2027			651,470		15			(4	)		11			0		(1	)
Receive	6-Month CZK-PRIBOR		5.225		Annual		07/29/2027		CZK	60		0			0			0			0		0
Pay(6)	6-Month EUR-EURIBOR		3.000		Annual		09/18/2026		EUR	5,600		38			(13	)		25			1		0
Pay	6-Month EUR-EURIBOR		3.370		Annual		10/09/2028			268		(1	)		8			7			1		0
Receive	6-Month EUR-EURIBOR		3.270		Annual		11/08/2028			312		(1	)		(6	)		(7	)		0		(1	)
Receive	6-Month EUR-EURIBOR		2.880		Annual		12/19/2028			393		(1	)		(1	)		(2	)		0		(1	)
Receive	6-Month EUR-EURIBOR		2.950		Annual		12/29/2028			253		0			(3	)		(3	)		0		(1	)
Receive	6-Month EUR-EURIBOR		2.760		Annual		01/03/2029			169		0			0			0			0		0
Pay(6)	6-Month EUR-EURIBOR		2.750		Annual		09/18/2029			21,500		305			(39	)		266			69		0
Pay	6-Month EUR-EURIBOR		0.081		Annual		02/15/2031			8,700		(891	)		(624	)		(1,515	)		29		0
Pay	6-Month EUR-EURIBOR		3.270		Annual		08/21/2033			160		(1	)		14			13			1		0
Receive	6-Month EUR-EURIBOR		3.280		Annual		11/22/2033			80		0			(5	)		(5	)		0		0
Receive	6-Month EUR-EURIBOR		3.128		Annual		12/04/2033			84		0			(4	)		(4	)		0		0
Receive	6-Month EUR-EURIBOR		3.063		Annual		12/06/2033			110		0			(5	)		(5	)		0		(1	)
Receive	6-Month EUR-EURIBOR		2.990		Annual		12/08/2033			151		(1	)		(4	)		(5	)		0		(1	)
Receive	6-Month EUR-EURIBOR		2.970		Annual		12/15/2033			493		(2	)		(14	)		(16	)		0		(3	)
Receive	6-Month EUR-EURIBOR		2.890		Annual		12/22/2033			337		(1	)		(8	)		(9	)		0		(2	)
Receive	6-Month EUR-EURIBOR		2.910		Annual		12/29/2033			197		(1	)		(5	)		(6	)		0		(1	)
Receive	6-Month EUR-EURIBOR		2.650		Annual		01/08/2034			197		(1	)		0			(1	)		0		(1	)
Pay	6-Month EUR-EURIBOR		2.760		Annual		03/04/2034			140		0			2			2			1		0
Pay(6)	6-Month EUR-EURIBOR		2.750		Annual		09/18/2034			4,200		91			4			95			24		0
Receive(6)	6-Month EUR-EURIBOR		2.500		Annual		09/18/2054			5,900		(309	)		8			(301	)		0		(71	)
Receive	6-Month